If you’re wondering what web 3.0 is? And how it could disrupt the world then keep reading this article. Here I tried my level best to explain to all my readers with simple and exact information about this massive change in the internet era web 3.0.
What Is Web 3. O Will It Impact The Future Of the Internet
A crypto partner at the venture capital firm Andreessen Horowitz recently said that “we are at an inflexion point that will lead to even a faster pace of innovation and growth in web 3” Even the mainstream media including the Guardian and the New York Times they’ve picked up on the hype and are writing about you’ve guessed it web 3.
Ideas for web 3 were actually first pitched. I’m going to give you an example when evaluating a question or a search query like what is a Jaguar this could refer to the cat or the car by using the context of the question. But what web 3 has actually turned out to be or might look like is so much more exciting and goes so much further than beyond the first vision.
Overview Of Web 1.0, 2.0, 3.0
Before we get too far into what web 3 will be let’s do a quick recap of the (www) World Wide Web so far. Everything from the first connected computer networks to those read-only websites that you guys might remember from the end of the 90s. these actually all fall under web one pages were static and read-only which was actually really great for sharing information. But not so great for interacting with other people think of it like Wikipedia.
Web one was a significant technological breakthrough and even though we compare it to the web we use. now most of the web pages look pretty plain and also pretty boring Web 2.0 is the version of the web that we are all using right now.
If you’re watching this on youtube you’re using Web 2 now what’s interesting with Web 2 is web pages actually became a dynamic and global two-way communication. They became so much faster E-Commerce sites like Amazon they took off and Google began indexing to the internet and Facebook.
They gave us this convenient place to share photos of pets and food with people who also enjoy sharing photos of pets and food web 2 spot a revolution in global trade and businesses over the world had to really adapt or be risks, Left behind yet despite this obvious and also noteworthy achievements web 2 has had a number of quite serious shortcomings most of which revolve around centralized control.
So since the release of the first iPhone all the way back in 2017, a handful of companies have really aggressively asserted their control over the internet. I don’t even need to say their names I’m pretty sure you’ve worked out the business model of these companies that use hinges on storage and then sell our data to third parties in exchange for using their platforms for free.
So to use web2 platforms we have to trust in centralized corporations to not misuse the data that we hand over when we use the platforms, which is always a little bit optimistic. Also, all of our data is stored together in huge centralized data exchanges which means that the large portions of the internet rely on a single point of failure.
While trying not to fail and given Amazon’s web service had a seven-hour outage very recently it’s also pretty optimistic. So although web 2 brought a lot of positive changes to the internet its centralized control also proved to be a big problem. So naturally decentralizing the internet is at the heart of web 3 while web 2 gave the internet a front-end facelift. Web 3 is more of a back-end update happening a little bit more behind the scenes. Now not everybody agrees on exactly what web 3 is or what it will become.
Yet however, most people agree the next iteration of the internet will most likely involve decentralizing control over the internet the idea is to end our collective reliance on these handfuls of tech giants. While also reducing the amount of control they have on one company and handing it over to the internet moving forward in years to come. So now that we’re clear on what web 3 is.
How Web 3.0 Disrupt Our Society
You’re also now probably wondering the million-dollar question how will web 3 disrupt our society? So as we move into web 3.0. The internet becomes more and more decentralized you won’t have different accounts for every single platform like Amazon or Twitter instead of tools.
Like Metamask and trust wallet will actually allow giving anyone access to decentralized applications or what we know is DAPPs from anywhere and without being required to hand over any sensitive or any personal details. So our stats run using smart contracts rather than any human intermediaries. Anyone can use them without needing approval from any companies or any government.
In time this will turn into decentralization preventing private companies from having the only say on who gets to use the internet services, and under what conditions this will also reduce this monopolistic behaviour that we’ve been seeing for years like companies shutting down competitive sites or also acquiring competitor sites and services.
So as Defi improves and more people start using decentralized finance Defi will actually become accessible to people living in developing countries. Who currently can’t access any financial services whatsoever this will also enable more people to access financial services without needing permission from a bank or from any other company.
Some projects like helium are actually already trying to decentralize the actual internet and access to it by building a decentralized network of hotspots spread out all over the world. Right now we have very little control over the data, we hand over most of the websites that you visit they actually pick up some information about you. They store it, they package it up, and they pass it on, for a profit.
This is how Facebook makes 98 of its profit but on the web 3 online platforms are going to have to try much harder time track. How we use their platforms and sell our data to third parties will probably not be impossible but really difficult without first obtaining our express permission all of our data from our thanksgiving photos on social media to financial transactions and possibly even our entire digital identity.
They’ll be entirely under our control onward three will actually be able to choose which pieces of information, we choose to share and on which platforms. On a case-by-case basis, some platforms might even offer to pay for your data in crypto. ISo instead of a third party getting the profit that comes back to you platforms and protocols will be able to become interoperable as will your data and information which is available somewhere.
Will be a lot more accessible to everyone in practice this will allow you to do some really cool stuff like move all of your social media posts statuses and updates into one site without the need for any hassle and just with a few clicks and this could even mean having proofs of your identity like your passport or educational certificates stored securely in a digital wallet. But available online whenever you need their machine learning involves using data and algorithms to really imitate the way that we humans interact and how we learn.
Connection Between Blockchain & Web 3.0
There are plenty of web applications like Google that already use machine learning to provide us with a better more relevant and often personalized service yes this is cool. We use it a lot and it is useful but decentralized protocols will actually be able to use ai. Machine learning in ways the web to apps they can’t data protection and privacy laws they currently stop companies from accessing and analyzing incredibly useful data. Because it’s sensitive or private and for a good reason.
But if that data was usable it would be incredibly useful for medical research for designing software for self-driving cars but decentralized web through applications. They can allow ai and machine learning programs to analyze private or personal data without the data owner sharing the document directly mainly by using the blockchain.
So whoever owns valuable data can actually profit from companies using it without sacrificing the ownership over the data set or the privacy of anyone’s data used within that set exactly how this works is a little outside the scope for a 10-minute Youtube video. But you can actually check out Ocean Protocol.
There is a lot more than you can learn and keep in mind the potential of applications in ai and web 3. Go way beyond the targeted advertising and personalized speech results that we enjoy today on web2. The biggest internet companies around today are by design centralized and not at all democratic.
How Does Web 3.0 Impact Digital Marketing?
This often creates a misalignment between what the shareholders of the company want, which is normally the money and mostly what the platform and the customers want which is better privacy more control over their own data and an engaging and fun experience. Let’s take Facebook for example for every big change to facebook’s platform. This is decided by Facebook’s biggest shareholders.
The Facebook employees have some say in what goes on in the day-to-day running of the platform but in general, there isn’t so much they can do. If they don’t like the overall direction the company is going in or also if they don’t morally agree with it their only real option is to leave and complain about Facebook and about the experience.
So the decisions are made by a tiny number of facebook shareholders that have a significant effect on the lives and the livelihoods of billions of Facebook users. Those billions of users actually don’t get a sa in any of the decisions that Facebook makes. But let’s imagine just for a moment that Facebook operated democratically and a dao what would that look like if you’ve been in crypto for more than five minutes you’ll certainly already know about decentralized autonomous organizations also known as daos.
They turned the idea of a top-down traditional corporate structure on its head by giving anyone with one of the dow governance tokens a saying of how it operates and although dials are mostly thought of as a crypto thing. They also have the potential to completely transform how businesses all over the world operate by altering how they’re controlled.
So if Facebook were a dow anyone who owned one of facebook styles tokens would actually be able to vote on every change to the platform as well as suggest new features and those features could include an unfiltered news feed or being able to see who’s viewed your profile even having the option to not be tracked on the platform.
Whatsoever and as more people join the dow the price of each dial token actually rises and this creates a financial incentive for each of the platform’s users to build features that will attract the most people having a focus on how to attract the most value from users to maximize profits. In other words, everyone does seem to benefit from the platform being equitable and also being fun. If someone who owns a Facebook dial token decides they don’t like the direction the platforms going they can just style their token and move to another platform.
If this all sounds a little bit far-fetched know that decentralized social dowels, already exist like friends with benefits and the board ate yacht club. While this is an extremely unlikely event that we could see Facebook going to become a dow anytime soon or ever really web 3 will still have a decentralized social media platform controlled entirely by communities decentralized platforms. On web 3 they don’t rely on a single data centre or a company to stay online instead they’re hosted by peer-to-peer networks spread out all over the world.
There’s no single point of failure in any web 3 network which means that even a huge chunk of the network is attacked or taken offline the platform will still stay up and running this also means anyone can decide who gets to use which platforms or what they can say online this is great for freedom of speech especially for people who live in countries which are currently limited with the access of certain websites or monitor. What they say and what they do online however censorship proof platforms are also double-edged so giving a voice to the unheard or the oppressed has obvious benefits.
But people have also raised some really serious and some very valid concerns about the spread of illegal anonymously posted content online. This is a big issue because unfortunately, a censorship-proof web means that nobody gets censored and nobody includes the people that we really don’t want to hear from.
The biggest point of today is that web 3 will allow us to coordinate better than ever before and form decentralized communities across the global web.
We’ll be able to safely trade value and information with people that we’ve never met and that we wouldn’t normally trust without the need for an intermediary. And from this, our societies become more efficient every time we remove a rant seeking a third party. That we no longer need we can share user data with one another without actually sacrificing privacy which is such an important element. We can end our reliance on centralized monopolies like wall street banks.
Also, these tech giants that we’ve referred to in this article today are now one of the most important factors of all web story gives us a way to trust one another. And coordinate our efforts to achieve our mutual goals much easier than we can now. Yes, there will be some trade-offs but look how far web 2 has changed our lives.
So far we can only imagine what web 3 worlds will actually look like. So now I want to turn to you all and ask you what your thoughts are on web 3 are you full or against sharing your thoughts with me personally. I am all in on the idea that is all from me if you do have any more questions about this wild world of crypto you can always ask me in the comments box below.